Analyst: Average gas price likely to fall under $4 nationally this week, Pa. may take longer

The national average price for a gallon of gasoline is likely to fall under $4 this week, an industry analyst said Monday.

“Gas prices have continued to move in the right direction — down — saving Americans approximately $100 million every day compared to when prices peaked about a month ago,” said Patrick De Haan, head of petroleum analysis for price-tracking service GasBuddy.

The average price of gasoline hit new records on March 11, at $4.33 nationally and $4.44 in Pennsylvania, according to AAA.

A drop to under $4 “could probably take a few more weeks” in Pennsylvania, De Haan said. That’s partly because of the state’s gas tax of 57.6 cents per gallon.

Pump prices likely will face downward pressure if oil prices remain below $100 per barrel, according to AAA. The announcement of oil releases from the International Energy Agency’s 31 member countries, including Mexico, Japan, Germany and Canada, has helped to ease some supply concerns and push crude prices lower.

“It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and covid don’t take drastic and unexpected turns,” De Haan said.

The average price of gasoline in the Pittsburgh area dropped by 5.2 cents per gallon in the past week to $4.22, according to GasBuddy’s survey of 731 stations. That’s 11.8 cents per gallon less than a month ago but $1.22 more than a year ago.

Prices in the Pittsburgh area range from $3.79 to $4.59, a difference of 80 cents. Statewide, prices range from $3.49 to $5.19, a difference of $1.70.

According to AAA, the national average fell by 7.5 cents in the past week to about $4.11. That’s 22 cents less than a month ago but $1.25 more than a year ago.

De Haan said diesel prices also are falling and likely fall below the $5-per-gallon average this week.